Afcons Infrastructure share price today: Shapoorji Pallonji (SP) Group stocks zoomed up to 20 per cent in trade on Tuesday after the Reserve Bank of India (RBI) rejected Tata Sons' application to surrender its NBFC licence, which will force a public listing of the holding company of the salt-to-software conglomerate Tata Group.
Shares of Afcons Infrastructure zoomed 20 per cent to hit the upper circuit at ₹304.55. Similarly, Forbes & Company shares rallied 20 per cent to hit the upper price band at ₹331 and Gokak Textiles shares spurted 10 per cent to touch the circuit at ₹64.35.
Shapoorji Pallonji Group stake in Tata Sons Afcons Infrastructure is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, which is a stakeholder in Tata Sons. The Shapoorji Pallonji (SP) Group has been pressing Tata Sons to go public as it seeks to dilute its stake.
The SP Group, which holds about 18.5 per cent in Tata Sons, had asked the company at its 2024 annual general meeting to consider an IPO. Since then, the debt-laden group has repeatedly renewed its demand for a Tata Sons listing, arguing that it is not merely a matter of regulatory compliance but also in the public interest.
More than 13 million shares of the company changed hands across both exchanges in the first 25 minutes of trade. The stock was also among the most actively traded counters on the NSE. Forbes & Company shares were trading 8.70 per cent higher at ₹345.55, while Gokak Textiles share were locked at the circuit.
In a letter received by the Company Secretary and Chief Financial Officer on Saturday, the RBI specified that Tata Sons does not meet the necessary criteria, leading it to reject the March 2024 application for deregistration. This makes a public listing of Tata Sons imminent as it qualifies as an upper layer NBFC, which must mandatorily list on the stock exchanges.
"The 200-day EMA zone of ₹325–330 is likely to act as a key resistance for the stock. Only a decisive and sustained move above this zone can signal a meaningful reversal in the broader trend. Until then, the overall bias is likely to remain weak. On the downside, the ₹255–250 zone is likely to act as an immediate support," he said.